Quarterly Report • May 7, 2013
Quarterly Report
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| Interim Management Report | 03 |
|---|---|
| Consolidated Statements of Income | 10 |
| Consolidated Statements of Comprehensive Income | 10 |
| Consolidated Statements of Financial Position11 | |
| Consolidated Statements of Cash-Flows12 | |
| Consolidated Statements of Changes in Shareholders' Equity | 13 |
| Notes | 14 |
| Financial Calendar | 24 |
| Group overview* | Q1/2013 | Q1/2012 | Change % | |
|---|---|---|---|---|
| Order income | EUR million | 52.9 | 58.0 | (8.7) |
| Order backlog | EUR million | 200.2 | 209.3 | (4.3) |
| Sales** | EUR million | 45.3 | 50.4 | (10.1) |
| EBIT | EUR million | 0.3 | 2.8 | (89.3) |
| EBIT margin*** | % | 0.6 | 5.6 | (5.0) |
| EBT | EUR million | 0.4 | 2.8 | (85.7) |
| Net earnings | EUR million | 0.6 | 1.1 | (45.5) |
| Earnings per Share | EUR | 0.03 | 0.07 | (57.1) |
| Free cashflow | EUR million | 5.8 | (12.3) | 147.2 |
| Employees**** | Number | 2,709 | 2,774 | (2.3) |
* Negative figures in brackets
** The sales figures are to be understood as the gross value before deduction of revenue reductions amounting to EUR 0.1 million (previous year EUR 0.1 million)
*** Change in percentage points
**** as per end of period
Driven by the positive development of the RFID market, the Mühlbauer technology group recorded tremendous increases of order income in Semiconductor Related Products during the first three months of 2013. This was contrasted by a project-related decline of order income in Cards & TECURITY® and a weaker demand for mechanical components from Precision Parts & Systems, which was not fully compensated by the good order situation in Semiconductor Related Products. In parallel with order income, sales were also comparatively lower while the operative result disproportionately declined because of the economies of scale resulting from the decrease in sales. However, based on the mediocre start in 2013, the company feels obligated to revise its sales expectancy slightly downwards for the entire year, whereby the management considers an increase in result still possible.
The key developments in Q1 2013 were:
1 The sales figures are to be understood as the gross value before deduction of revenue reductions amounting to EUR 0.1 million (previous year EUR 0.1 million).
Global economy and euro zone
While the global economy slackened distinctly in the past year, it recovered slightly over the past few months. According to the European Central Bank (ECB), the economic recovery may be subdued and quite inconsistent and fragile across the economic zones, but worldwide business climate indicators have risen significantly since last autumn. The IfW indicator, which reflects the atmosphere of companies in 42 countries, signalized a tangible rise of global economic activity in Q1 2013. Despite these positive signals, however, the euro zone is only slow in moving out of the recession. The primary reasons for this are the economic situation in Italy and Spain; but even France is hardly showing any upwards momentum. Even China is increasingly suffering from the sustained European crisis: At 7.8% growth in the past year, the economy only expanded by a surprising 7.7%. Experts were expecting at least 8%. While the country's exports only grew slowly overall, sales in the EU actually dropped. In contrast, according to the ECB the US American economy picked up pace in Q1 2013, despite the unchanged difficult situation on the labor market. While US companies created 50% fewer jobs in March than hoped for – at 90,000 new jobs – a fiscal cliff that would have severely impacted the US economy if it had taken effect was prevented. According to the German Federal Ministry of Economics and Technology (BMWi) a slight economic recovery is also increasingly looming on Germany's horizon. Key factors are the increasing order income in the industry, the positive development of retail sales and the still very good situation on the labor market.
Yet, despite this cautious positive development of the global economy, insecurities regarding the further economic development are still higher than usual.
Industry development
Cards & TECURITY®. The government-related TECURITY® market is still dominated by the efforts of governments and public authorities to offer its citizens and travelers the utmost in mobility, security and comfort. An increasing number of countries is making electronic ID documents available to its citizens that guarantee the aspects addressed above in equal share. In Germany, for example, around more than 20 million electronic personal identity cards are already in circulation; six million card holders have already had the eID function on their card activated. The number of eGovernment users worldwide is also rising, according to a study of Japan's Waseda University, which evaluates the eGovernment offers and their use based on various criteria. Even the introduction of fully automatic border controls is gaining ground worldwide. The reasons for this are the high security guaranteed by border controls via eGate, the increased efficiency when processing border crossings, as well as the greater comfort for travelers this entails. The situation in the industrial sector of Cards & TECURITY® remained unchanged: As in the past year, demand for dual interface cards again determined business in the past quarter, with an increasing number of banks switching over to bank cards fitted with Near Field Communication (NFC) technology. The high demand for SIM/UMTS cards is still unbroken; here, demand in developing and newly industrializing countries, in particular, is at a stable high level.
Semiconductor Related Products. According to experts, the RFID market is undergoing an upheaval. Recent years have proven that the integration depth of RFID projects increases across all industries. Overall, RFID specialists are reporting that demand for fully integrated solutions is rising and that RFID system providers are expecting an increase of large-scale projects. Labeling and ticketing are still the focal areas of the RFID industry. Changes are also looming ahead in the semiconductor area. According to the IDC market research institute, in the past quarter, worldwide sales of conventional PCs dropped for the first time in almost twenty years. This phenomenon results from the continual rise in demand for smartphones and tablet PCs, in particular. In contrast, there were no changes on the market for flexible thin-film solar modules: The difficult situation in the solar industry – triggered by the overcapacities that were built up and the resultant dumping prices for conventional solar modules of Chinese manufacturers – also affects the establishment of flexible solar modules on the market negatively. This technology of solar power generation, however, holds numerous benefits with regard to application and production, so that its establishment is to be expected long-term.
The percentages were determined on the basis of the exact figures and may differ from the rounding figures.
for Q1 (previous year EUR 0,1 million)
Precision Parts & Systems. The start into the new year of the mechanical engineering industry, which is important to Precision Parts & Systems, was restrained. While both domestic and European business ailed somewhat in the first three months of the year, according to the German Engineering Federation, this was largely compensated by demand from non-European countries primarily in Asia.
After the project-related increase of orders by 20.3% in Q1 2012 to EUR 58.0 million, order income for the first three months of 2013 was EUR 5.1 million or 8.7% lower year-on-year, at EUR
52.9 million. While the order volume generated in Cards & TECURITY® dropped by EUR 12.6 million or 36.3% to EUR 22.1 million (PY: EUR 34.7 million) as a result of the natural fluctuation common to the project business, order income in Semiconductor Related Products rose by EUR 8.0 million or 48.9% to EUR 24.4 million (PY: EUR 16.4 million). It is thus the first time in the company's history that the order income achieved in Semiconductor Related Products exceeds that of Cards & TECURITY®. As expected, stimuli were in particular derived from the Smart Label business. In contrast, Precision Parts & Systems declined slightly. The order income of EUR 6.4 million fell EUR 0.5 million or 7.4% short of the value achieved in Q1 2012 (EUR 6.9 million).
At the end of the first quarter 2013, the consolidated order backlog was EUR 200.2 million and is thus EUR 9,1 million or 4.3% lower year-on-year (PY: EUR 209.3 million).
In the past quarter, the sales of the Group developed in line with order income. The significant sales increase in Semiconductor Related Products was unable to fully compensate for the de-
cline in Cards & TECURITY® so that the technology group's consolidated sales were EUR 5.1 million or 10.2% lower year-on-year, at EUR 45.3 million (PY: EUR 50.4 million). While sales in the company's core area Cards & TECURITY® dropped by EUR 10.6 million or 32.6%, to EUR 21.9 million (PY: EUR 32.5 million), due to customer-related delays in processing projects, sales in Semiconductor Related Products rose significantly by EUR 6.6 million or 59.9% to EUR 17.6 million (PY: EUR 11.0 million), due in particular to the forecast increases in the RFID area. At EUR 5.8 million, sales in Precision Parts & Systems were EUR 1.1 million or 16.0 lower year-on-year (PY: EUR 6.9 million).
In Europe, sales rose by EUR 0.8 million or 4.5% to EUR 18.6 million (PY: EUR 17.8 million) against the same period of the previous year. With a share of 41.0%, Europe thus provided the greatest contribution toward the
Group's sales. Within Europe, almost half of the Group's sales were achieved by Germany, at EUR 9.0 million; this represents a decrease of EUR 1.5 million or 14.3% (PY: EUR 10.5 million) compared with Q1 2012. The Asian continent, which, with EUR 20.0 million, still ranked first in Q1 2012, recorded a sales decline of EUR 2.9 million or 14.7% to EUR 17.1 million and thus ranks second in Q1 2013. In contrast, sales on the American continent increased significantly during the reporting period, with a year-to-year upturn of EUR 1.9 million or 43,2%, to EUR 6.3 million (PY: EUR 4.4 million), thus outperforming the African continent, the sales of which dropped by EUR 4.7 million or 59,2%, to EUR 3.3 million (PY: EUR 8.0 million).
Order income and order backlog
Sales1
The Mühlbauer Technology Group's pre-interest and pre-tax profit (EBIT) of EUR 0.3 million for the quarter under review was 89.3 % less than the EUR 2,8 million for the same period in the previous year. This represents an EBIT margin of 0.6% – after 5.6% in the same quarter of the previous year. For the quarter under review, the company earned EUR 0.6 million after tax – after EUR 1.1 million in the same quarter of the previous year. The earnings per share for the quarter under review amounted to EUR 0.03 – following EUR 0.07 in the same quarter of the previous year. Earnings development
The 10.2 % drop in turnover and the 3.8 percentage point increase in cost-of-production ratio led to a reduction in the gross profit margin from 35.2 % in the previous year to 31.3 %. The primary reasons for the increase in the cost-of-production ratio were the substantial increases in the costs of third-party supplies and personnel which, in contrast to the decline in sales, remained virtually unchanged, as well as the increase in depreciation arising from the increase in investments. It was possible to maintain the overheads at virtually the same level. While it was possible to reduce the marketing costs by EUR 0.5 million, the overall administrative costs rose by EUR 0.4 million due, in particular, to the setting up of the business operations of a newly-founded company. The research and development costs fell by EUR 1.0 million, reaching 13.5% of turnover, after 14.1% in the same quarter of the previous year. The balance of other operating income and expenses was virtually unchanged compared to the same period in the previous year. It was possible to improve the financial result by EUR 0.1 million compared with the same quarter of the previous year due, in particular, to interest earned from an equity company. Compared with the same quarter of the previous year, the taxes on income fell by EUR 1.9 million, which gave rise to an overall tax refund of EUR 0.2 million. The reduced tax liability correlated with the reduction in the pre-tax result of EUR 2.4 million. Analysis of earnings development
At EUR +8.4 million, the cash flow from operational activities in the first three months of the current financial year was well above the previous year's EUR +2.0 million level for the comparable period. The main factors in this development were a EUR 0.7 million reduction in the outflow of funds for supplies, as well as a EUR 12.8 million funds inflow from the decrease in receivables and other assets which, together with the EUR 5.2 million increase in funds outflow for the reduction in liabilities was able to more than compensate for the EUR 0.4 million reduction in the results for the quarter under review. In the previous quarter, investments in non-current assets in particular led to an outflow of investment activity funds, whereas, in the period under review in particular, payments for loans to an equity company amounting to EUR 4.1 million, together with investments in non-current assets of EUR 1.5 million, contributed to a total outflow of investment activity funds of EUR 6.3 million. Thanks to the developments already described, at EUR +5.8 million, the free cash flow showed an EUR 18.1 million improvement over the EUR -12.3 million for the comparable quarter of the previous year.
Balance sheet total
Cashflow
The Group Balance Sheet total as at the 31 March, 2013 fell by EUR 3.7 million (1.6%) to EUR 231.3 million as compared to the end of the previous year (EUR 235.0 million). In the period under review, the current assets fell by EUR 2.6 million, and the non-current assets by EUR 1.1 million. In relation to the Balance Sheet total, the current assets fell only marginally, from 53.5% (as at 31 December, 2012) to 53.3% while, by contrast, the non-current assets rose from 46.5% to 46.7%. On the liabilities side, the fall in the Balance Sheet total is attributable almost entirely to reductions in long and short-term liabilities.
The reduction in current assets is mainly attributable to the EUR 4.4 million fall in trade receivables, or 9.1%, as well as of EUR 3.3 million, or 18.9%, in other receivables and assets, of which a EUR 1.9 million reduction in public loans and a EUR 1.1 million reduction in claims for tax refunds are particularly noteworthy. By contrast, unfinished goods and services in progress fell by EUR 3.0 million, or 10.0%, to EUR 33.0 million. The remaining EUR 0.4 million increase in inventories was split between EUR 0.3 million for raw materials and EUR 0.1 million for finished goods. The resultant cash flow led to an increase of EUR 1.7 million in liquid funds.
The increase in non-current assets is attributable to the EUR 4.0 million increase in loans to an equity company. This increase is counterbalanced by a reduction of EUR 3.1 million in tangible assets, mainly as a result of depreciation.
Parallel to the development of current assets, the short-term liabilities fell by EUR 3.1 million, or 4.2%, to EUR 71,8 million, and the long-term liabilities by EUR 0.6 million, or 38.8%, to EUR 1.1 million in the quarter under review.
At the end of the financial year, the accounts payable fell by EUR 6.2 million to EUR 8.0 million due, in particular, to the effect of the cut-off date. On the other hand, payments received in advance rose by EUR 3.8 million, or 12.2%, to EUR 35.0 million. The other short-term liabilities rose only marginally, by EUR 0.5 million to EUR 71.8 million.
The sundry reserves fell by EUR 1.0 million, due to the reduction in the guarantee reserve (EUR 0.3 million) and the reserve for services still to be provided (EUR 0.7 million). The taxation reserves fell by EUR 0.3 million. The long-term liabilities comprise only deferred taxation, which fell by EUR 0.6 million, or 38.7 %, to EUR 1.1 million.
The increase in equity as at 31 March, 2013 by a total of EUR 0.1 million reflects mainly the aftertax profit of EUR 0.6 million for the quarter under review, plus EUR 0.7 million of income from valuation differences arising from valuations in the local currencies of foreign group companies compared to the Euro, and included directly under equity. This was offset by the adjustment for the actuarial losses from previous years amounting to EUR 1.2 million. Because of the reduction in liabilities, the equity ratio as at 31 March, 2013 rose slightly to 68.5%, compared to 67.4% as at 31 December, 2012.
Gross investments in intangible and fixed assets amounted to EUR 1.1 million in Q1 2013, which corresponds to a year-on-year decline of EUR 7.4 million or 87.1% (PY: EUR 8.5 million). In this context, investments focused on the development of the infrastructure for the personalization of ID documents and development activities in Roding and Stara Pazova, Serbia.
In Q1 2013, the research and development expenses of the Mühlbauer technology group totaled EUR 6.1 million (PY: EUR 7.1 million). Based on sales, this corresponds to an R&D ratio of 13.5% (PY: 14.1%). In line with the solution strategy in Cards & TECURITY®, further machines were developed that support the comprehensive process of card body production. Furthermore, in the period under review development activities in this area focused on the extension of a passport personalization system by additional modules, which enable the machine to be complemented by several features and thus a more varied use of the machine. In Semiconductor Related Products development focused on getting a high-throughput RFID personalization system ready for start of production. A new development project that was kicked off was the implementation of an RFID antenna printing machine. With this system, Mühlbauer will – in future – own all backend processes necessary for the production of an RFID label or ticket.
Assets
Investments
The number of employees of the Mühlbauer Group is still declining. While the technology group employed 2,774 staff to the end of Q1 2012, this figure dropped by 65 employees to 2,709 staff by 31 March 2013, corresponding to a decline of 2.3%. The high number of trainees and apprentices in the company remained constant, at 339 (PY: 340), while the number of staff employed in Research & Development dropped by 59 or 13.2% to 387 (PY: 446). The number of employees in Assembly remained virtually unchanged: compared with the corresponding quarter of the previous year (1,559 employees), it decreased by 5 employees or 0.5%.
No special events occurred between the reporting date of the quarter (31 March 2013) and the approval for publication (6 May 2013) that require reporting.
Against the background of a systematic and efficient risk management system, the risks within the Mühlbauer Group are delimited and manageable. The key opportunities and risks of the company's anticipated development are described in detail in the consolidated management report for the 2012 financial year. During the first three months of the 2013 financial year, no significant changes have occurred in respect of the risks outlined therein.
Even though the worldwide economy slowly appears to be regaining momentum, it will have to brace itself for a disappointing 2013, overall. The cautious recovery in the industrialized nations, in particular, is preventing a more marked recovery of the global economy. However, the rise of the business climate indicators is inspiring hope that the economy could recover more rapidly than expected by numerous experts. The Institute for the World Economy (IfW) is expecting Europe to slowly work its way out of the recession. As no sustainable solution for the problems in the euro zone has, however, been found yet, the upturn will most likely be quite subdued. The weak growth in China is reason for concern. While analysts rely on China as the world economy's growth driver and have forecast growth of more than 8% for 2013, there are major doubts – following a surprisingly weak first quarter – whether and to what extent the Chinese economy will recover and return to its usual high rates of growth. China's president Xi Jinping has already declared that the Chinese population will need to brace itself for an end of the tremendous economic growth. Even in the USA the economic recovery – if yet sluggish – is on the horizon. The fiscal policy still represents the greatest risk; however, the difficult situation on the US American labor market will also impact the economic recovery negatively. Due to the slight improvement of the global economic environment and the noticeable brightening of the national business climate indicators, Germany can also expect to experience a tangible upturn of the economy, which is further supported by the implied increase of order income in the economically important industrial area.
Industry development
Cards & TECURITY®. Security will continue to be the most important driver of business in Cards & TECURITY® – even in future. In times of ever increasing passenger volumes – according to the International Air Transport Association IATA, passenger numbers will rise by 800 million to 3.3 billion by 2014 – more and more governments and public authorities require reliable partners who can guarantee the security of their documents. In this context, demand for fully automatic border and access controls that guarantee the highest level of comfort while complying with the most stringent security standards is rising. "Comfort" also plays a major role with regard to eGovernment. Governments and public authorities that increasingly see them-
Global economy
selves as service providers to the society, endeavor to simplify and render government and official processes less bureaucratic by providing their citizens with eGovernment. In the past year alone, the number of eGovernment users in Germany rose by 5% – with an upward trend. Demand for dual interface cards will increase tremendously in the industrial sector of Cards & TECURITY®. According to the IMS market research institute, by 2017, the market share of dual interface cards on the market for payment cards will increase from the current approx. 20% to 70%; the market for cards fitted with Near Field Communication (NFC) technology will increase in line with this. Demand for mobile phone cards is still high and unbroken. Here, the majority of sales still focus on the newly industrializing and developing countries.
Semiconductor Related Products. The semiconductor market will continue to be supported by the development away from classic PCs to smartphones and tablet PCs, in particular. According to the ABI Research market research institute, tablets with a total value of approx. USD 64 billion will be sold this year. Sales figures are to climb to around 150 million. The RFID area has also been forecast to achieve further growth. Here, however, ABI is expecting the market to grow by approx. 20% each over the next four years and retail to become the key driver of the RFID technology. Despite the crisis in the solar industry, which will continue throughout this year, renewable energies are increasingly gaining significance. The steady rise of energy costs and the growing demand for energy in developing and newly industrializing countries are the key market drivers in this context. As a result, even flexible thin-film solar modules hold tremendous potential long-term, not least due to their enormous application benefits compared with conventional solar systems.
Precision Parts & Systems. Following a restrained start into the year of Precision Parts & Systems, a division relevant to the mechanical engineering industry, the VDMA (German Engineering Federation) is expecting a tangible recovery of business to occur as early as in the next few weeks. The Federation is expecting the stagnation to give way to growth within the foreseeable future and believes that annual growth of 2% is realistic.
The Mühlbauer technology group still assumes that over the medium and longer term, the primarily government-driven Cards & TECURITY® business sector will profit from the strong interest to offer people both increased security and mobility. In the Semiconductor Related Products area, the company sees also good opportunities to continue its positive development. However, based on the mediocre start in 2013, the company is forced to revise its sales expectancy slightly downwards for the entire year. The management now expects that sales for the whole year will not reach the value of the past year that increased by 11,2% compared to 2011, whereby the management considers an increase in result still possible.
We still see risks, which could have a negative influence on our adapted expectations, particularly in the traditionally prevailing uncertainties and the concentration on government business, as well as in the prospects for an industrial and/or economic downturn.
This Interim Management Report contains future-oriented statements; statements that are not based on historical facts but on current plans, assumptions and estimates. Forward-looking statements are only applicable to the period in which they are made. Mühlbauer accepts no liability to revise these once new information becomes available. Future-oriented statements are always subject to risk and uncertainty. We therefore wish to point out that a range of factors can impact the actual results to the extent that these deviate considerably from those forecast. Some of these factors are described in the "Risk Report" and in other sections of the 2012 Annual Report and other parts of this interim report.
| Notes | Jan. 1 - Mar. 31, 2013 TEUR |
Jan. 1 - Mar. 31, 2012 TEUR |
||
|---|---|---|---|---|
| 1. | Sales | 45,166 | 50,283 | |
| 2. | Cost of sales | (3) | (31,010) | (32,631) |
| 3. | Gross profit | 14,156 | 17,652 | |
| 4. | Selling expenses | (4) | (4,732) | (5,197) |
| 5. | Administrative expenses | (2,735) | (2,299) | |
| 6. | Research and development | (5) | (6,081) | (7,104) |
| 7. | Other income | (6) | 344 | 335 |
| 8. | Other expenses | (6) | (691) | (581) |
| 9. | Operating income | 261 | 2,806 | |
| 10. Financial result | ||||
| a) Financial income | 208 | 72 | ||
| b) Financial expenses | (86) | (94) | ||
| 11. Income before income taxes | 383 | 2,784 | ||
| 12. Income taxes | 230 | (1,703) | ||
| 13. Net earnings | 613 | 1,081 | ||
| - Minority interests | 1 | 8 | ||
| - Attributable to shareholders of Mühlbauer Holding AG & Co. KGaA | 612 | 1,073 | ||
| Earnings per share in EURO | ||||
| basic | (7) | 0.03 | 0,07 | |
| fully diluted | (7) | 0.03 | 0,07 | |
| Weighted average of shares | ||||
| basic | (7) | 6,140,333 | 6,137,856 | |
| fully diluted | (7) | 6,140,333 | 6,137,856 |
1) uncertified
The accompanying notes are an integral part of these Consolidated Financial Statements.
| Jan. 1 - Mar. 31, 2013 TEUR |
Jan. 1 - Mar. 31, 2012 TEUR |
|
|---|---|---|
| Net earnings | 613 | 1,081 |
| Change of market value of available-for-sale securities | (1,596) | 0 |
| Difference due to currency translation | 705 | (313) |
| Deferred taxes | 438 | 0 |
| Total income and expenses recognized in equity | (453) | (313) |
| Total income and expenses | 160 | 768 |
| - Minority interests | 4 | 8 |
| - Attributable to shareholders of Mühlbauer Holding AG & Co. KGaA | 156 | 760 |
1) uncertified
| Notes | March 31, 2013 1) TEUR |
Dec. 31, 2012 2) TEUR |
|
|---|---|---|---|
| ASSETS | |||
| Short-term assets | |||
| Cash and cash equivalents | 17,194 | 15,482 | |
| Trade accounts receivable | (8) | 44,069 | 48,459 |
| Other current assets | (9) | 10,776 | 12,963 |
| Tax receivables | 3,400 | 4,512 | |
| Inventories | (10) | 47,797 | 44,381 |
| 123,236 | 125,797 | ||
| Long-term assets | |||
| Investment and long-term financial assets | |||
| Investments | 5 | 0 | |
| Receivables due from companies using the equity method | 7,077 | 3,010 | |
| Trade accounts receivable | (8) | 8,391 | 9,768 |
| 15,473 | 12,778 | ||
| Fixed assets | |||
| Land and buildings | 52,548 | 53,103 | |
| Technical equipment | 22,596 | 24,834 | |
| Furniture and office equipment | 6,870 | 7,315 | |
| Buildings and equipment in progress | 206 | 75 | |
| 82,220 | 85,327 | ||
| Intangible assets Software and licenses |
2,389 | 2,467 | |
| Capitalized development costs | 3,717 | 3,642 | |
| 6,106 | 6,109 | ||
| Other long-term assets | |||
| Long-term tax receivables | 1,479 | 1,473 | |
| Deferred tax assets | 2,332 | 1,526 | |
| Plan assets | (13) | 466 | 1,958 |
| 4,277 | 4,957 | ||
| 231,312 | 234,968 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| Short-term liabilities | |||
| Trade accounts payable | 7,978 | 14,180 | |
| Downpayments | 35,034 | 31,228 | |
| Other liabilities | (11) | 11,601 | 11,150 |
| Accrued income taxes | (12) | 1,665 | 1,961 |
| Other accruals | (12) | 15,535 | 16,470 |
| 71,813 | 74,989 | ||
| Long-term liabilities | |||
| Deferred tax liabilities | 1,053 | 1,720 | |
| 1,053 | 1,720 | ||
| Shareholders' equity | |||
| Ordinary share capital | (14) | 8,038 | 8,038 |
| Own shares | (14) | (177) | (179) |
| Fixed capital contribution | (14) | (2,980) | (2,980) |
| Additional paid-in capital | (14) | 61,188 | 61,163 |
| Other comprehensive income | (14) | 2,297 | 2,753 |
| Retained earnings | (14) | 89,933 | 89,321 |
| Equity excluding minority interests | (14) | 158,299 | 158,116 |
| Minority interests | 147 | 143 | |
| 158,446 | 158,259 | ||
| 231,312 | 234,968 |
1) uncertified 2) certified
| Jan. 1 - Mar. 31, 2013 TEUR |
Jan. 1 - Mar. 31, 2012 TEUR |
|||
|---|---|---|---|---|
| Cash provided by operating activities | ||||
| 1. | Net earnings | 613 | 1,081 | |
| 2. | + | Income taxes | (230) | 1,703 |
| 3. | + | Interest expenses | 86 | 94 |
| 4. | - | Interest income | (208) | (72) |
| Adjustments for non cash expenses and income | ||||
| 5. | +/- | Expenses/(income) from employee profit-sharing programs | 0 | 25 |
| 6. | +/- | Depreciations/(appreciations) to fixed assets | 4,145 | 3,687 |
| 7. | +/- | Depreciations/(appreciations) to intangible assets | 487 | 387 |
| 8. | +/- | Depreciations/(appreciations) to capitalized development costs | 408 | 380 |
| 9. | +/- | (Gains)/losses from the sale of fixed assets | 290 | 57 |
| 10. | +/- | Foreign currency translation adjustments of long-term assets | (385) | 0 |
| 11. | +/- | (Gains)/losses from the the change in fair value of financial instruments | 22 | 126 |
| 12. | +/- | (Increase)/decrease of deferred tax assets | (806) | (406) |
| 13. | +/- | Increase/(decrease) of deferred tax liabilities | (667) | (508) |
| Changes in long-term and short-term assets | ||||
| 14. | +/- | (Increase)/decrease of inventories | (3,416) | (4,096) |
| 15. | +/- | (Increase)/decrease of trade accounts receivables and other short-term assets | 10.735 | (2,064) |
| 16. | +/- | Increase/(decrease) of trade accounts payables and other liabilities | (2,592) | 2,691 |
| 17. | = | Cash generated from operating activities | 8,482 | 3,085 |
| 18. | - | Income tax paid | (64) | (1,101) |
| 19. | - | Interest paid | 0 | (22) |
| 20. | + | Interest received | 3 | 4 |
| 21. | = | Cash provided by operating activities | 8,421 | 1,966 |
| Cashflow from investing activities | ||||
| 22. | - | Payments for loans | (4,067) | 0 |
| 23. | - | Investments in shareholdings | (5) | 0 |
| 24. | + | Proceeds from disposals of fixed assets | 122 | 25 |
| 25. | - | Purchase of fixed assets | (1,487) | (13,027) |
| 26. | - | Purchase of intangible assets | (377) | (637) |
| 27. | - | Expenditures for capitalized development costs | (469) | (560) |
| 28. | = | Cash used for investing activities | (6,283) | (14,199) |
| Free Cashflow | 5,798 | (12,315) | ||
| Cashflow from financing activities | ||||
| 29. | +/- | Increase/(decrease) of short-term financial liabilities | 0 | 6,642 |
| 30. | + | Proceeds from sale of treasury shares | 27 | 0 |
| 31. | = | Cash used for financing activities | 27 | 6,642 |
| 32. | +/- | Increase/(decrease) of currency exchange rate changes | (453) | (167) |
| 33. | = | Net increase/(decrease) in cash and cash equivalents (Total of lines 21, 28, 31 and 32) | 1,712 | (5,758) |
| 34. | + | Liquid funds at beginning of reporting period | 15,482 | 15,183 |
| 35. | = | Liquid funds at end of reporting period | 17,194 | 9,425 |
1) uncertified
We refer to additional informations on page 22 of the accompanying notes.
| Ordinary | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| share capital in considera |
Other compre |
|||||||||
| tion | Additional | hensive | ||||||||
| Total | Own | of own | Fixed | paid-in | income/ | Retained | Minority | |||
| Notes | number of shares |
shares Number |
shares TEUR |
capital TEUR |
capital TEUR |
(loss) TEUR |
earnings TEUR |
interests TEUR |
Total TEUR |
|
| Balance Jan. 1, 2012 1) | 6,279,200 (140,344) | 7,858 | (2,980) | 61,136 | 2,820 | 91,531 | (26) | 160,339 | ||
| Net earnings | - | - | - | - | - | - | 1,073 | 8 | 1,081 | |
| Other comprehensive income/(loss) | - | - | - | - | - | (313) | - | - | (313) | |
| Total comprehensive income/(loss) | - | - | - | - | - | (313) | 1,073 | 8 | 768 | |
| Deferred compensation | - | - | - | - | 25 | - | - | - | 25 | |
| Proceeds from sales of own shares | - | 1,164 | 2 | - | (2) | - | - | - | 0 | |
| Balance March 31, 2012 2) | 6,279,200 (139,180) | 7,860 | (2,980) | 61,159 | 2,507 | 92,604 | (18) | 161,132 | ||
| Balance Jan. 1, 2013 1) | 6,279,200 (138,996) | 7,859 | (2,980) | 61,163 | 2,753 | 89,321 | 143 | 158,259 | ||
| Net earnings | - | - | - | - | - | - | 612 | 1 | 613 | |
| Other comprehensive income/(loss) | (14) | - | - | - | - | - | (456) | 0 | 3 | (453) |
| Total comprehensive income/(loss) | (14) | - | - | - | - | (456) | 612 | 4 | 160 | |
| Proceeds from sales of own shares | (14) | - | 1,255 | 2 | - | 25 | - | - | - | 27 |
| Balance March 31, 2013 2) | 6,279,200 (137,741) | 7,861 | (2,980) | 61,188 | 2,297 | 89,933 | 147 | 158,446 |
1) certified 2) uncertified
Mühlbauer Holding AG & Co. Kommanditgesellschaft auf Aktien (referred to as the company) and its subsidiaries (together referred to as the Mühlbauer Group) develop, produce and distribute products and services related to chip card, passport, Smart Label, semiconductor and electronic technologies. Moreover, the Mühlbauer Group provides precision parts fabricated by machining and processing of metals and plastics, as well as products, assemblies and systems based on such precision parts. The development and production sites of the company are located in Germany, Slovakia, Serbia and Malaysia. Sales are effected globally via the company's own sales and services network and via project-dependent trade representations in different countries.
The present unaudited and unrevised consolidated interim financial statements were drawn up in accordance with International Financial Reporting Standards (IFRS) and the relevant interpretation of the International Accounting Standards Board (IASB) for interim reporting, as applicable in the European Union. As a result, these consolidated interim financial statements do not contain all the information and notes required by the IFRS for consolidated financial statements at the end of a financial year.
In the view of the personally liable shareholder, the present unaudited and unrevised consolidated interim financial statements contain all adjustments necessary to reflect the actual earnings situation of the interim result. The results for the reporting period ending on 31 March 2013 do not necessarily enable the drawing of conclusions with regard to the development of future results.
In the context of drawing up consolidated interim financial statements in accordance with IAS 34 'Interim Financial Reporting', the personally liable shareholder has to make assessments, estimates and assumptions that impact the application of reporting principles within the Group and the statement of assets and liabilities as well as income and expenses. The actual results may deviate from these estimates.
Notes
The changes refer to the accounting for a loan from a public authority at a rate of interest below the market rate by a first-time IFRS adopter. A public loan existing at the date of the transition period may be continued to be valued on the previous accounting basis. Therefore, the valuation rules under IAS 20.10A, taken together with IAS 39, only apply to such public loans which were entered into after the transition period. The changes are first to be applied to financial years beginning on or after 1 January, 2013.
Within the framework of the annual improvement project, changes to five standards were undertaken. The adaptation of formulations in individual IFRS should result in a clarification of the existing rules. There are also changes which impact the accounting, approach, valuation and the explanatory notes. The affected standards are IAS 1, IAS 16, IAS 32, IAS 34 and IFRS 1. The changes are first to be applied to financial years beginning on or after 1 January, 2013.
Beside comprehensive disclosure requirements with respect to benefits to employees, the following changes arise from the revised standard:
There are currently options regarding the treatment of unexpected fluctuations in pension obligations, the so-called actuarial profits and losses in financial statements. These may be recognised either (a) in the Income Statement; or (b) as Other Comprehensive Income (OCI); or (c) time-delayed under the so-called corridor method. Under the new version of IAS 19, these options are abolished and replaced by a more transparent and comparable presentation, so that, in the future, only a direct and comprehensive recognition in Other Comprehensive Income is permissible. In addition, past servicing costs must now be recognised directly in the Income Statement in the year in which they arise.
Currently, furthermore, at the beginning of the accounting period, the anticipated return on the plan assets is determined by the management's anticipation of the performance of the investment portfolios. Under IAS 19 (revised 2011), only a standard return on the plan assets at the level of the pension liability discounting rate at the beginning of the period is permissible. In the future, the net interest on the net liability (the net asset value) will be determined by the underlying interest rate from a performance-oriented plan by multiplying the net liability at the beginning of the period by the discounting of the performance-oriented liability (gross liability).
Until now, the anticipated administration costs for the plan assets were taken into account in the net interest income. Under the changes, the administration costs for the plan assets are to be recognised as part of the new valuation components in the Other Comprehensive Income, while the other administration costs are to be allocated to the operating profits as they arise.
With the change from the corridor method to the new method, the Income Statement of the company will, in the future, be free of the effects of actuarial profits and losses (e.g. because of interest fluctuations), as these will have to be recognised in Other Comprehensive Income. The altered definition of the benefits arising from the termination of employment (termination benefits) will affect the accounting for the promised increases within the framework of the early retirement agreements. Until now, the increases have been classified as benefits arising from the termination of employment, and therefore reserved, in total, at the point in time of the conclusion of an early retirement agreement. Because of the change in the definition of the benefits arising from the termination of employment, under the application of IAS 19 (revised 2011), the amounts of the increases no longer meet the conditions for the existence of benefits arising from the termination of employment. Rather, in principle, they involve other benefits to employees in the long-term, which accrue, pro-rata, during the employee's period of service. The change in the standard has no effect on the Mühlbauer Group's Financial Statement as such agreements have not been entered into.
The change is first to be applied to financial years beginning on or after 1 January, 2013.
Amendments to IAS 32 und IFRS 7 – Offsetting Financial Assets and Financial Liabilities This supplement to IAS 32 clarifies the requirements for the netting-off of financial instruments. In the supplement, the significance of the current case law regarding set-offs is explained and clarified; in which circumstances a gross settlement may be considered as a net settlement within the meaning of the standard. In association with these clarifications, the IFRS 7 disclosure regulations were also expanded.
The change to IAS 32 is first to be applied to financial years beginning on or after 1 January, 2014. The change to IAS 7 is first to be applied to financial years beginning on or after 1 January, 2013
IFRS 13 – Fair Value Measurement
This standard provides a uniform regulation of fair value valuations in IFRS financial statements. All other standards requiring fair value valuations must, in the future, follow the uniform standards of IFRS 13; there will only continue to be separate regulations under IAS 17 and IFRS 2.
The fair value under IFRS 13 is defined as the exit price; i.e. as the price which would be achieved by the sale of an asset, or the price which would have to be paid, in order to confer a liability. As is known regarding the current fair value valuation of financial assets, a 3 stage hierarchy has been introduced which is graduated based on observed market prices. The new fair value valuations may lead to values which differ from those arrived at under the previous regulations.
The new standard is first to be applied to financial years beginning on or after 1 January, 2013.
This interpretation is intended to provide a uniform basis for the accounting for open-cast mining stripping costs. IFRIC 20 is first to be applied to financial years beginning on or after 1 January, 2013, and has no effect on the Mühlbauer Group.
The EU has already endorsed the above-mentioned standards and interpretations.
The accounting principles applied to the consolidated interim financial statements correspond with those of the last consolidated financial statements at the end of the financial year. A detailed description of accounting principles is provided in the notes to the consolidated financial statements of our 2012 Annual Report.
| Apart from directly attributable costs such as material and personnel costs as well as deprecia tions, cost of sales also comprise overhead costs as well as the balance of devaluations and revaluations on inventories. |
COST OF SALES (3) |
|---|---|
| The selling expenses of the first quarter 2013 encompass costs resulting from the addition of value adjustments on receivables, balanced with earnings resulting from the loss of such value adjustments, to the amount of TEUR 100 (PY: earnings of TEUR 255). |
SELLING EXPENSES (4) |
| The research and development expenses in Q1 2013 included value adjustments of TEUR 92 due to amended evaluations pertaining to the future usability of individual development results. |
Research AND (5) Development Costs |
| 1 Jan - 31 March 2013 TEUR |
1 Jan - 31 March 2012 TEUR |
|
|---|---|---|
| Canteen income | 110 | 113 |
| Income from the sale of old material | 97 | 139 |
| Profit from the sale of non-current assets | 33 | 25 |
| Insurance claims and sundry compensation | 30 | 28 |
| Rental income | 17 | 17 |
| Income from the reversal of reserves and liabilities | 3 | 4 |
| Other | 54 | 9 |
| Total of Other Operating Income | 344 | 335 |
| Losses from the disposal of non-current assets | (322) | (30) |
| Currency conversion losses | (279) | (510) |
| Depreciation of sundry assets | (83) | - |
| Donations | (3) | (4) |
| Other | (4) | (37) |
| Total of Other Operating Expenses | (691) | (581) |
| Total | (347) | (246) |
Undiluted and diluted earnings per share*are calculated as follows:
| 1. Quarter 2013 |
1. Quarter 2012 |
||
|---|---|---|---|
| Income before taxes on income * | TEUR | 381 | 2,773 |
| Portion of share capital in total capital | % | 42.73 | 42.73 |
| Portion of income before income taxes applicable to the shareholders of the limited partnership |
TEUR | 163 | 1,185 |
| Effective tax rate* | % | (12.1) | 63,5 |
| Effective tax amount* | TEUR | (20) | 752 |
| Portion of net earnings for the year applicable to the share holders of the limited partnership* |
TEUR | 183 | 433 |
| Weighted average of common shares | No. | 6,279,200 | 6,279,200 |
| Repurchased shares (weighted) | No. | (138,867) | (141,344) |
| Weighted average of shares outstanding (undiluted and di luted) |
No. | 6,140,333 | 6,137,856 |
| Undiluted and diluted earnings per share* | EUR | 0.03 | 0.07 |
EARNINGS PER SHARE (7)
* Without minority interests
| 31 March 2013 | 31 December 2012 | |||||
|---|---|---|---|---|---|---|
| in TEUR | With a residual term of up to 1 year |
With a residual term of more than 1 year |
Total | With a residual term of up to 1 year |
With a residual term of more than 1 year |
Total |
| Trade accounts receivable | 45,416 | 8,391 | 53,807 | 49,758 | 9,768 | 59,526 |
| Less value adjustments | (1,347) | - | (1,347) | (1,299) | - | (1,299) |
| 44,069 | 8,391 | 52,460 | 48,459 | 9,768 | 58,227 |
| 31 March | 31 December | |
|---|---|---|
| in TEUR | 2013 | 2012 |
| Claims on investment and technology grants | 3,962 | 5,764 |
| Advance payments made | 2,225 | 2,673 |
| Receivables against the personally liable shareholder | 1,846 | 1,846 |
| Prepaid expenses and deferred charges | 1,078 | 612 |
| VAT receivables | 599 | 784 |
| Amounts due from suppliers | 180 | 219 |
| Claims on investment subsidies | 141 | 140 |
| Other | 745 | 925 |
| 10,776 | 12,963 |
| in TEUR | 31 March 2013 |
31 December 2012 |
|---|---|---|
| Raw materials, auxiliary and operating materials | 9,890 | 9,604 |
| Unfinished products | 33,003 | 30,030 |
| Finished products and trade goods | 4,904 | 4,747 |
| 47,797 | 44,381 |
| in TEUR | 31 March 2013 |
31 December 2012 |
|---|---|---|
| Salaries and wages | 7,952 | 7,188 |
| Commissions | 1,244 | 1,111 |
| Tax liabilities | 656 | 92 |
| Income tax on salaries and wages | 642 | 1,047 |
| Social security contributions | 462 | 375 |
| Liabilities to customers | 220 | 609 |
| Other liabilities - personnel | 156 | 238 |
| Capital formation | 59 | 63 |
| VAT-tax burden | 52 | 161 |
| Other | 158 | 266 |
| 11,601 | 11,150 |
| in TEUR | As per 1 Jan 2013 |
Difference due to currency |
translation Consumption | Addition Dissolution | As per 31 March 2013 |
|
|---|---|---|---|---|---|---|
| Accrued income taxes | 1,961 | 11 | (1,049) | 801 | (59) | 1,665 |
| Personnel and social security obligations |
1,863 | 15 | (299) | 402 | (5) | 1,976 |
| Guarantee obligations | 8,647 | 20 | (1,754) | 1,486 | (51) | 8,348 |
| Service in progress | 3,097 | 4 | (877) | 162 | (116) | 2,270 |
| Litigation risks | 338 | (1) | (111) | 132 | (37) | 321 |
| Other | 2,525 | (7) | (506) | 633 | (25) | 2,620 |
| Other accruals | 16,470 | 31 | (3,547) | 2,815 | (234) | 15,535 |
| 18,431 | 42 | (4,596) | 3,616 | (293) | 17,200 |
The addition to the remaining other provisions can be attributed amongst others to an increase in provisions for outstanding invoices.
During the reporting period, the value in respect of "Pension provisions and similar obligations", recorded in the balance sheet, changed as presented below. The composition of the amounts recorded can also be found in the following table:
| in TEUR | 1 Jan - 31 March 2013 |
31 March 2013 |
1 Jan - 31 Dec 2012 |
31 December 2012 |
|---|---|---|---|---|
| Accruals for pension obligations at the beginning of the reporting period |
(1,958) | (1,624) | ||
| Amounts recorded as income | ||||
| Current service cost | 34 | 122 | ||
| Interest expenses on obli gations |
81 | 316 | ||
| Expected earnings on plan assets |
(88) | (273) | ||
| Adjustments for unbooked actuarial losses |
- | 27 | 28 | 193 |
| Actuarial losses taken direct to Equity |
||||
| Actuarial losses | - | 1,596 | - | |
| Contributions to plan assets | (131) | (527) | ||
| Accruals for pension obligations at the end of the reporting period |
(466) | (1,958) |
On the basis of the resolution passed by the Annual General Meeting on 29 April 2010, the personally liable shareholder is authorized to purchase shares with a calculated proportion with relation to the share capital of max. 10% of the current ordinary share capital until 28 April 2015, for specific pre-defined purposes.
Of its stock of 38,996 own shares with a nominal value of EUR 177,914.88 at the beginning of the financial year, 255 shares with a nominal value of EUR 1,604.40 were ceded in the form of anniversary shares free of charge in the period from 1 January 2013 up to and including 31 March 2013. As per 31 March 2013, the company holds a portfolio of 137,741 company-own shares with a nominal value of EUR 176,308.48. At that time, the proportion of company-own shares with relation to capital stock amounts to 2.19%.
The following table shows the development of changes in equity that do not affect income.
| Currency conversion | |||
|---|---|---|---|
| in TEUR | Actuarial loss | differences | Total |
| As at 01.01.2012 | - | 2,820 | 2,820 |
| Foreign currency adjustment | - | (312) | (312) |
| As at 31.03.2012 | - | 2,508 | 2,508 |
| As at 01.01.2013 | - | 2,753 | 2,753 |
| Actuarial loss | (1,596) | - | (1,596) |
| Foreign currency adjustment | - | 702 | 702 |
| Deferred taxes | |||
| Taxation effect of actuarial losses | 438 | - | 438 |
| As at 31.03.2013 | (1,158) | 3,455 | 2,297 |
As of the end of the period under review, the contractual obligations arising from the purchase of tangible fixed assets and immaterial assets as well as from other purchase and maintenance contracts rose by TEUR 2,095 to TEUR 15,053 in comparison with 31 December 2012 (see Note (28) of the Annual Report as per 31 December 2012).
Segment information for the first quarter 2013 (2012):
| Sales by business area | Q1 2013 TEUR |
Q1 2012 TEUR |
|---|---|---|
| Cards & TECURITY® | 21,913 | 32,507 |
| Semiconductor Related Products | 17,559 | 10,982 |
| Precision Parts & Systems | 5,781 | 6,884 |
| 45,253 | 50,373 | |
| Deductions on sales | (87) | (90) |
| 45,166 | 50,283 |
| Sales by region | Q1 2013 TEUR |
Q1 2012 TEUR |
|---|---|---|
| Asia | 17,069 | 20,010 |
| Rest of Europe | 9,533 | 7,267 |
| Germany | 9,032 | 10,535 |
| America | 6,336 | 4,410 |
| Africa | 3,258 | 7,992 |
| Australia | 25 | 159 |
| 42,253 | 50,373 | |
| Deductions on sales | (87) | (90) |
| 45,166 | 50,283 |
The free cash flow is derived as follows:
| 1 Jan - 31 March 2013 TEUR |
1 Jan - 31 March 2012 TEUR |
|
|---|---|---|
| Cash inflow/(outflow) from operating activities | 8,421 | 1,966 |
| Cash inflow/(outflow) from investment activities | (6,283) | (14,199) |
| Subtotal | 2,138 | (12,233) |
| Transition to free cashflow | ||
| Gains/(losses) from the sale of fixed assets and intangible assets | (290) | (57) |
| Proceeds from disposals of long-term assets | (122) | (25) |
| Payments made for loans | 4,067 | - |
| Investments in participations | 5 | - |
| Free Cashflow | 5,798 | (12,315) |
No events of major significance occurred after the end of the first quarter of 2013.
The parties considered associated companies and persons within the meaning of IAS 24 'Related Party Disclosures' are outlined in the notes (35) of the Annual Report as per 31 December 2012. In the reporting period, major business transactions with these associated companies and persons were:
Mühlbauer Aktiengesellschaft, MBO GmbH, ASEM Präzisions-Automaten GmbH and takeID GmbH rent office space from Mr. Josef Mühlbauer and from one company in which Mr. Mühlbauer holds a participation. In the first three months of 2013, rental costs amounted to TEUR 110 (PY: TEUR 100).
Group companies utilize certain services in respect of construction planning, the conveyance of passengers, sales promotion, the organization of travel, accommodation and catering, offered by companies that are controlled by Mr. Josef Mühlbauer. After deduction of commission services the Group paid TEUR 163 (PY: TEUR 248) plus the current amount of VAT for such services in the first three months of 2013. In the first three months of 2013, Mühlbauer Aktiengesellschaft generated proceeds of TEUR 4 (PY: TEUR -), plus the current amount of VAT, in respect of services provided and products sold to Mr. Josef Mühlbauer or companies controlled by him.
At the end of the period under review the Group employed:
| 31 March 2013 Number |
31 March 2012 Number |
|
|---|---|---|
| Production and assembly | 1,584 | 1,552 |
| Research and development | 387 | 476 |
| Administration and sales | 260 | 273 |
| 2,231 | 2,301 | |
| Apprentices and trainees as well as part-time employees | 478 | 473 |
| Total | 2,709 | 2,774 |
The number of employees by region at the end of the reporting period is shown in the following table:
| 31 March 2013 Number |
31 March 2012 Number |
|
|---|---|---|
| Germany | 1,851 | 1,921 |
| Rest of Europe | 310 | 304 |
| Asia | 266 | 268 |
| America | 247 | 245 |
| Other | 35 | 36 |
| Total | 2,709 | 2,774 |
This consolidated interim report was released for publication by the personally liable shareholder on 06 May 2013.
The personally liable shareholder
Financial calendar
| 16 May 2013 | Annual General Meeting, Roding | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8 August 2013 | Quarterly report II/2013 | |||||||||||||||||
| March 2014 | Annual Report 2013 |
Mühlbauer Holding AG & Co. KGaA
Headquarters: Josef-Mühlbauer-Platz 1 93426 Roding, Germany Phone +49-9461-952-0 Fax +49-9461-952-1101
Contact Corporate Communications: [email protected] Phone +49-9461-952-1653 Fax +49-9461-952-8520
Visit us on the web at: www.muehlbauer.de
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